COFE, MENA’s premiere online coffee marketplace has announced the successful completion of its Series B funding round, raising $15 million in investment capital. Coming onboard as the lead investor is WAED Ventures, the $500 million Saudi-focused VC Capital Fund wholly owned by Aramco.
Commenting on the investment, Fahad Alidi, Managing Director at Wa’ed Ventures said “our mission is to advance sustainable innovation within emerging tech segments in the Kingdom. The founding team at COFE app, supported by its cutting-edge platform, will disrupt a multi-billion-dollar market fueled by a nation-wide initiative supporting its growth for years to come. We look forward to backing COFE’s growth as it continues to lead the digitalization of farm-to-cup consumerism across the region.”
Commenting on their investment in COFE App, Jerry Li, Founder and Managing Partner of eWTP Arabia Capital, said “We partner with like-minded entrepreneurs and support the growth of promising businesses in the GCC region. We believe our investment, combined with strategic assistance, will provide COFE with resources to scale and grow. Our investment is a testament to our commitment to promote innovation in the region. We are excited about COFE’s vision in digitizing the coffee industry, which would be a multi-billion market with enormous untapped potentials.”
Al-Imtiaz Investment Group invested USD 1 million in Series B round, taking its total investment in COFE to USD 11 million. Commenting on its participation in the current round, Al Imtiaz Investment Group Executive Vice President, Saad Al-Bader said, “The leadership and team of COFE have worked diligently over the years to achieve key milestones that have had clear contributions in propelling the regional coffee industry. We believe that COFE is ready to scale internationally into new markets and to further strengthen its market position and service offerings.”
On the occasion of COFE accomplishing a major milestone in its journey, Founder & CEO, Ali Al Ebrahim said, “COFE’s story has been one of resilience. We have had some great opportunities, but not without its challenges that have needed innovative maneuvering. However, we have persevered in our ambition to create a fertile breeding ground for the growth of the entire coffee ecosystem, especially in the region. At COFE, we have always sought to grow all our partners, investors, and the industry with us. I would like to take this opportunity to thank our investors for continuing to trust in us, and the team for always putting their best foot forward. None of this would have been possible without the hardwork and trust of everyone that has continued to take this journey with us, especially our users.”
